How to do a "CLEAN-UP" for bookkeepers (client's messy books!)
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- เผยแพร่เมื่อ 23 ส.ค. 2024
- How to do a clean-up for bookkeepers. If your bookkeeping client has months or years worth of messy, mistake-ridden QuickBooks transactions, how do you even begin to fix that? I talk about where to start, what to charge as a bookkeeper, what documents you need, how long will a clean-up take, and some of my personal experiences and opinions about bookkeeper clean-ups.
Things mentioned:
Link to Paid Diagnostic Review: courses.5mbaca...
Colossal cleanup checklist: courses.5mbaca...
Complete QBO cleanup system: courses.5mbaca...
Small, medium, large clients: • CLIENT EXAMPLES: Small...
Charge more, how much to charge? • HOW MUCH to charge as ...
Veronica Wasek clean up playlist: • QuickBooks Online clea...
1 client, start to finish: • One Client, START TO F...
My website: www.finepoints...
☑️My favorite bookkeeper training (affiliate links)
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➡LEARN bookkeeping (my favorite training options): finepoints.new...
➡Where to start bookkeeping (chart): finepoints.new...
➡Tax Biz (free intro class on taxes): sk293.isrefer....
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☑️Other awesome classes (affiliate links)
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▶ Videos to get started bookkeeping:
Learn bookkeeping: • 10 ways to LEARN bookk...
Bookkeeper certification for FREE: • FREE ProAdvisor certif...
How to become a bookkeeper (with chart): • How to become a BOOKKE...
How to get clients: • 20 ways to get bookkee...
What does a bookkeeper do? • WHAT DOES A BOOKKEEPER...
Day in the life playlist: • "Day in the life" of a...
Bookkeeper Launch video: • 10 FIRST IMPRESSIONS o...
Client onboarding: • One Client, START TO F...
How much to charge: • HOW MUCH to charge as ...
Services to offer: • BEGINNER services to o...
▶ More videos you'll like:
Big, medium & small clients: • CLIENT EXAMPLES: Small...
Niches playlist: • Niches for bookkeepers
Before you start: • Bookkeepers: 7 THINGS ...
Impostor syndrome for bookkeepers: • How to overcome IMPOST...
10 reasons to start bookkeeping: • WHY START BOOKKEEPING?
How to clean up a client's books: • How to do a "CLEAN-UP"...
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What's your biggest struggle with bookkeeping clean-ups? Let me know! Here's a link to Veronica's class, Complete QBO Cleanup System: courses.5mbacademy.com/courses/complete-qbo-cleanup-system-6plan?ref=a25de6
Big time clean up, so where I'm working right now, the chart of account is all over the place. I'm currently going to tackle this one project to star off; where the loans receivables and loans Payables are in one GL Acct number 🤯, I need to separate all payables from receivables. What a mess. Any suggestions on how go about it or where I can research on this? Your videos always teach me on certain things.
I don't know what you are talking about
I'm unfortunately one of those nit picky bookkeepers but only bc I'm scared if any sort of audit arises I have my back covered
They say to adopt a role model, someone who has the results you want. Veronica has 90 acres of property and does around 30 hours, maybe less in client work a week. I want that. However, YOU Morgan are who I began watching when I started sniffing around this bookkeeping "thing". That was over a year ago. Now, I am NACPB Certified, Pro-Advisor Certified, Gusto Certified, and my tax preparer just referred me to H&R Block's Tax course. You teach as though we've never had any exposure whatsoever, and it helps a new person reach further. Thank you for the videos and the help.
Hi Joseph! We are so happy to hear that you have found success in your bookkeeping business! Keep up the great work!
Krista (FinePoints Admin)
Great video, Morgan. Cleanups can be very trickly. Thanks for sharing my courses with your audience.
You're welcome!
Krista (FinePoints Assistant)
I like it when you answered every possible question in my mind. A well-written piece of content, love it.
Thanks so much Tyler!
Veronica is fabulous! Her videos and checklists have been so helpful to me throughout my journey as a bookkeeper! I also have watched ALOT of your videos and they have been really valuable as well - THANK YOU!
Hi Debra! Thanks for the positive feedback!
Krista (FinePoints Admin)
I love Veronica Wassek!! She is such a generous resource for us all.
I like cleanups because it really helps you to know the business and to help advise your clients for future services.
Thanks for this Morgan! I'm doing my first clean up and really appreciate your advice and sharing your experience. I can honestly say I am in the thick of some really messy books, and have had some pretty varied advice from the staff at Intuit (although it is nice to have diversified answers as a resource!). I'm helping out a friend who has a landscaping company and a date change through a whole lot of stuff out of whack. I'm learning a lot though. Your info is a great resource, so thanks again. Great video as always.
80-20 rule efficiencies vs long term processes. As a former corporate controller vs 17 yr small business owner doing my own books, definitely a value based dilemma. Facts are facts and garbage in is garbage out. I always caution on making the best decisions based on accuracy vs efficiency. Especially if you receive a client audit … always want a clear understanding and review of information past present and future operational situations…
Interesting to hear someone else's perspective! I have a very similar system--though I try to match everything a bit more nit picky :) I love clean ups!! So interesting that we all have our faves. Great vids! Appreciate the Pro Advisor info.
happy to see QBO work path, learned a few things from your content and will execute the same in my projects
Thanks for watching!
Krista (FinePoints Admin)
I am a nit picky bookkeeper, everything must match and show backup in case there is an Audit. Learned this first hand at a place that was 6 months behind in their books, they just wanted it to match, that's fine. Then 2 years later, the IRS came calling, and they ended up owing over $1,000,000 dollars, yes I said 1 million. If things were more accurate they wouldn't had to pay that much, and going through an audit as a bookkeeper is not fun at all.
I agree!!
So I'm a "Veronica" fan, and now a fan of you as well :) My downfall.....def OCD when it comes to bookkeeping. I'm a "matchy-matchy, gotta get it right" kind of person. Loved the content here, thanks for sharing!
OMG thought something was wrong with me as a bookkeeper because I don't like cleanups I like you prefer just go in and quickly and efficiently get things done. Love VW courses.
So glad this helped! ~Gabe, FP admin
Thank you for details and esp undeposited funds fixes for messy books starting. So also, addressing prior reconciliation discrepancies hanging around before we touch books.
I certainly prefer reconciling to the penny.
Trying to find a video addressing RAIN statements (for incoming sales) and how they should best integrate with QBO for input of a small business's daily sales with multiple forms of payment (some realized as actual income days later). Such a mess to clean up - and I LOVE a clean up.
Hey! Yes, reconciling and seeing the $0 difference is always the goal! Morgan does not have any videos on RAIN statements, but I will let her know it's something you're interested in learning more about!
Krista (FinePoints Admin)
Great info. Thank you for sharing. I like clean-ups. My struggle is knowing what to charge. Yes, Veronica is the BEST
You are so welcome! I agree, knowing what to charge is HARD.
Love your content, Morgan! And I subscribe to Veronica's channel as well. She has a lot of free resources and tons of great advice, like you!
Big picture for sure. You are so helpful. Going for your course for sure😊
another great video for beginners. Thanks very much!!
Hi Kathy! I'm glad you found this video helpful!
Krista (FinePoints Admin)
I love this video! Thanks so much! Im brand new but i feel like I am soneine who would LOVE doing cleanups! 👀 lol
Really good video! I have a client who I am trying to help, who decided to start her books over at the beginning of 2022. However, now that she had done that, her financial statements have a large income amount because of a beginning balance in the checking account. How do we deal with beginning balances when we start over? Thank you so much!
Thank you for the video!!! We learn a lot from you! Thank you!
Thank you, I really appreciate your job!)
My pleasure! Thanks for watching!
Thanks so much, you are a life saver🎉 🎉
Thanks for this informative video
No prob! Thanks for watching. :)
Truly appreciate this! Thank you for your tips and advice for cleaning up messy books.
This video is awesome. Thank you so much!
Well I believe that we need to charge what really worth to clean the books . For a client that never reconciled a bank account or the credit cards and everything is a mess we should charge depending the base price per month is for example 250 times 24 month in case that you have to clean 2 years .
Thank you so much for this, it is super helpful! what do you mean by 'starting fresh? do you mean to create a new QBO account? if so, do you have a video explaining how to move an existing company into a new set of books and keep the important data from the old one?
Great informative video
Thank you. This is so helpful
Glad it was helpful! Let me know if there are other videos you'd like to see!
Great video! What do you do if your client has a lot of personal transactions mixed with their business transactions? How would you categorize that to separate it?
I create a bunch of sub categories under owners equity, for example Personal Expenses, Grocery Stores, Zelle to a specific person if they have a lot of those, or Grocery Store. This will not only help you to categorize but it will give a client a peace of mind when they look at the balance sheet and see that they spend $7000 at the grocery store or sent Linda Massage $13000.
I agree, I put it in a Personal Expense equity account (make sure it's equity). I don't break it up like Natalya (I just put it all in one), but it's the same idea!
Thank you! I thought it would be under equity, but since I'm just starting out and doing my first major cleanup, I needed validation!! Lol
Thanks! Per your request on my personal opinion.... I would be more to the big picture efficient side to get old transactions in place... I would rather focus that It should basically be ready to be efficient going forward and not a million percent accurate on the past
What if it’s a corporation and there’s a whole bunch of personal expenses? Should it be put in dividens paid and then give owner a 1099-div?
Thank you for this video
You're so welcome, glad you enjoyed!
Thank you, I’m actually starting my first clean up today. Can you make a video about how you market your business please
Hi Allie! Hope the clean up goes well! Here is a video Morgan made about marketing your bookkeeping business! th-cam.com/video/A30Q99g2jJg/w-d-xo.html
Krista (FinePoints Assistant)
You are awesome ❣️
Help! Great video. Our business has had many people in our qb online. Amex auto transactions started on 5/16/23. How would you add the missing transactions for 2023 (Jan-May)?
As a single sole proprietor business owner, I do very well with my own books. Recently, I noticed a few reconciliations off. I believe the undeposited funds you talk about could be the issue, especially since I have seen a rise in ACH deposits. Idk
My questions:
1) Do you know from an audit perspective whether the exact match vs the big picture would be required?
2) If I wanted to simply educate myself better as a "beginner" bookkeeper, though that is not my business, would Veronica's course be helpful, or would you suggest another resource?
Great video! What do you do when it makes sence to start a new set up books, but they need to keep thier history. Do they have to pay for 2 QBO's?
Thanks... Want to be more like you, I get lost in the weeds with the details. lol
Haha, I know what you mean, it happens to all of us sometimes. :)
Thank you for sharing this video.
There is a gentleman, I know, who wants his Bookkeeping and Accounting done; but, he doesn't have all his paperwork together. I've tried to keep in contact with him to see if he is getting all his paperwork together, so I can start doing his Bookkeeping and Accounting for his business. Do I continue to see about this on his behalf? Please let me know what I must do. Thank you.
Hi Ricky! I think it depends on how involved you want to be with this client or if you want him to take on that responsibility. Thanks for reaching out!
Krista (FinePoints Assistant)
@@FinePointsBookkeeping You're welcome.
Thank you! I want to know all about catch ups
Yay! Glad it was applicable. :)
Hello Morgan! Could you give some advice in this matter. My client is messing up with the books. The owner has one person and he pays to that person using transfers - the owner sends money from his own business account to his own personal account (the same bank), and then sends money via Zelle to that person. How to record this in QBO?? To show as a business expense. Amounts are very small, the total amount of all transactions as of now is approximately $800. Thank you in advance!
I think you can record those transactions as business expenses for what it is for instead of recording it as transfers as long as he can prove what the expenses are for if needed. Moving forward, he should pay them directly from the business account and avoid mixing business and personal transactions
@finepointsbookkeeeping Do you have a video on how to book health insurance premiums paid for a 2%+ owner of an s-corp? Or, one on how to book health insurance premiums for an owner of an LLC that files as a partnership?
Hey! Morgan does not have any videos on how to get health insurance. I'll let her know this is something you are interested in learning about.
Krista (FinePoints Admin)
@@FinePointsBookkeeping Thank you for replying to my comment. I see that I was not clear in what I was seeking. I'm looking for the correct way to book health insurance premiums that an S-corp pays on behalf of a 2%+ owner of the S-corp. A video on that would be great
Do you have a video on how to deal with a client who has been using their personal checking account for everything? They're just now getting QuickBooks started and so they'll need to go back to enter everything for the entire year(2023).
Hey! Check out Morgan's video "Client mixing biz and PERSONAL expenses? Here's how to fix it as a bookkeeper." (th-cam.com/video/QcoDopuC0Hg/w-d-xo.html) I think you will find this helpful!
Krista (FinePoints Admin)
I like your video
I had an ugly one where a guy retired and they didn't bring me in to replace him until he had been gone for nearly a year. Total nightmare!
Yikes, that sounds like a big clean-up!
Krista (FinePoints Admin)
How many hours a week do you work on your bookkeeping business ?
I am new at this the client got his bank account hacked. He did not notice this for one year. The old bookkeeper put all the hacked entries under different chart of account entries so I need to go back and do a whole year of changing all the entries. So cleaning this up what do I put the hacked entries under make a new entry in chart of account under hacked account an what should I
put this under. Then when the back gives all the monies back how do I enter it a year later.
Great video! What do you do with all the reconciled transactions in QBO? Do they remain in the reviewed tab? Are they archived somewhere ? I know not to delete except under circumstances.
If they are correct and reconciled, I wouldn't touch them (they are already in QB in the bank register). Let me know if that makes sense or not, I may not quite understand your question. :)
@@FinePointsBookkeeping Thanks so much! Love your videos!
Could you do a video tutorial on how you use asana?
Hey! Check out this video Morgan made on how she uses Asana: th-cam.com/video/erzqzDh8TqY/w-d-xo.htmlsi=cAz8Are0HisK6MUH
Krista (FinePoints Admin)
what do you mean start over.. I have a client new, 1150 transactions he wants 2021 2022 and 2023 done.. it's a mess I'm confused ... so when you say start over.. what does that mean??
How can I get your check list you talk about on here for clean up?
Hey! Morgan doesn't have a check list for clean-ups. In this video she talks about a check list from 5MB Academy. Here you go! courses.5mbacademy.com/courses/qbo-colossal-clean-up-checklist?ref=a25de6
Krista (FinePoints Admin)
Do you have an affiliate link for Veronica Wasek's courses? I'm going to do her Shopify training and I heard about her here so I want you to get the credit if you're an affiliate!
Hey! Yes, here are the 2 affiliate links that Morgan has for Veronica Wasek's courses! Thanks for asking! courses.5mbacademy.com/bundles/paid-diagnostic-review-qbo-cleanup-system-bundle-6p?ref=a25de6, courses.5mbacademy.com/?ref=a25de6
Krista (FinePoints Assistant)
Are you doing any courses?
Hey! Morgan has 2 courses that you may be interested in!
Bookkeeper Business Coach (finepoints.biz/business) is a simple and effective way to get your business up and running (apply for LLC, registered with your state, EIN, etc), understand basic QuickBooks functions, market yourself for new clients, and onboard those clients well. It's a step-by-step to getting started as a bookkeeping business owner.
Bookkeeper Marketing Coach (finepoints.biz/marketing) will show you how to create a marketing plan. Morgan provides creative ideas and ways to network with your local community and establish an online presence. She will walk you through onboarding your first few clients and how to stay confident when you are unsure and just starting out.
You can reach out to us at hello@finepoints.biz if you have any questions about these courses!
Krista (FinePoints Admin)
Just a question, If you take a client and do the 2023 bookkeeping, do we need to ask for the previous tax return filed and see if it matches the books? If it didn't match, should we make an adjusting entry for that on 01.01.2023? Thank you!!
Hi Amelia, Tax return is helpful if they have a Balance sheet included; if yes, then it is advisable to match the QBO balances to the BS included with the tax return. This will bring the 2023 beginning balances in line with the filed 2022 tax return. Best, Jameen
@@cubbymombudgeting8027 thank you!
HI! I appreciate you and the information in your videos however the "hand talking" is distracting, Thank you! :)
What you can do if they never reconcile a company
how do you guys keep track of time for customers for your own bookkeeping hours?? If I am starting doing books for a new client, and they have provided the list of expenses for the previous months, can just enter those income and expenses as a journal entry in one amount?
I've tracked it in QBO, but now I just use a simple spreadsheet to jot down hours (but I try to use fixed rate pricing now, so not as many hours tracked). For the expenses, are you sure their list is accurate and matches the bank account? You could upload it, or do a JE, but I would be cautious. It could be just as easy to use bank feeds, depending on how many.
@@FinePointsBookkeeping thanks morgan, but assuming that the expenses are accurate, in terms of accounting is it okey to do that journal entry sumarizing months of expenses and income? also there was no business bank account for those months
Hello Morgan! How to do Bookkeeping for a client who doesn't use and doesn't want to subscribe to Quickbooks. I added a client to my client list, but I can't find how to start to do bookkeeping for him. PLEASE HELP... THANK YOU IN ADVANCE!
Hi! Morgan only works with clients with QBO. She recommends encouraging your client to get a QBO subscription.
Krista (FinePoints)
If he's super adamant about not using QBO you can always get him organized using Excel ... but that would mean more work for you....try to sell him on the benefits to him of using QBO...
How can we clear the outstanding transactions in bank register after we're done reconciliation?
You will "clear" transactions are they are paid and passed through the bank. If you still see O/S transactions AFTER reconciling, look into each one and see if they really never cleared the bank, or are the duplicates. Don't void these transactions until you research why they are still there.
I really like your videos, but I will say that the $35 5MB smart review checklist from Veronica is only worth it if you’re brand new to bookkeeping. The checklist didn’t give any insight beyond what I already k act check for.
Thank you for sharing your feedback on the checklist.
Krista (FinePoints Admin)
W hat kind of education do u need to charge $70 per hour. Where I live in a big city tge highrlest rate is $50 per hour
Hi Robbyn!
Morgan has a few videos where she discusses how much you can charge as a bookkeeper. Check them out here: th-cam.com/video/W089i96rbzI/w-d-xo.html, th-cam.com/video/tm-Eo3tke0E/w-d-xo.html, th-cam.com/video/8A877-pVRKA/w-d-xo.html
Hope this helps!
Krista (FinePoints Assistant)
Id enjoy content where the person actually shows them doing it. All the talking is almost meaningless for us newbies who dont understand half of what you say.
Thank you for the feedback!
Krista (FinePoints Admin)
I don't like clean ups. I don't have the level of experience to do.
If you are doing the monthly bookkeeping for $200 per month and if the books need cleaning up at YE then it’s your responsibility to clean up the books because those are your own mistakes and should be at No Charge!
I think the implication is that this is a new client. She's cleaning up someone else's mess, as she explained at the beginning.
@@JM.5387 Exactly lol
Pay Attention
You misunderstood. 12 months x $200 $2400 yearly if she charges fixed rate. $70/hr is pretty good pay rate but clients can choose to let their books sit until the end of the year and get charged $700 instead
🤣🤣 smh
You are beautiful ❤
If there is anyone who can give me access to an accountant QBO, I can do some task for him/her those provide me. I need to just see videos and apply for Certification
I'm looking for someone who provides exceptional customer service with bookkeeping clean up from January 1, 2023, to August 31, 2023. Are you willing to provide some assistance?